Posted on: 13th Oct, 2010 09:25 am
I have a few questions in regards to a short sale. I currently have a mortgage, and the investor is with Freddie Mac. I am not currently behind in payments. I no longer live in the state that I own this house in as I was moved due to a job relocation, however was able to get tenants to rent it out ( which will not last for much longer ). I was told I wouldn't need to be late in payments to be approved for a short sale with Freddie Mac being the investor. So first question is this true?
2nd question with the fact that I am not behind on payments and hopefully do not have to be, will that hurt my credit the same as if I was behind and doing a short sale or does that some how make it a little better?
Do I have to pay anything out in a short sale? I have read up on some saying you do have to make some contributions, however if I had conrtributions to give, I probably wouldn't need to worry about selling my home.
2nd question with the fact that I am not behind on payments and hopefully do not have to be, will that hurt my credit the same as if I was behind and doing a short sale or does that some how make it a little better?
Do I have to pay anything out in a short sale? I have read up on some saying you do have to make some contributions, however if I had conrtributions to give, I probably wouldn't need to worry about selling my home.
As far as I know, in most cases, the lender does not approve a short sale unless the borrower is delinquent on his or her mortgage payments. In case of a short sale, your credit score will get reduced by 80-100 points. This is irrespective of the fact whether or not you're delinquent on your mortgage payments. After the short sale is complete, you'll be liable for paying the balance amount resulting from the sale of the property.